Doubling Down: Why Blackjack And Startups Are DifferentDecember 29, 2012 12:53 pm
There is a difference between doubling down in Blackjack and with your Startup. In Blackjack, generally speaking, you double down when the odds improve after the first set of cards. With your Startup, you are expected to double down when things are not looking too good. Doubling down, in Blackjack or with your Startup, involves the following three steps:
1. Convincing yourself that the bet is right
2. Convincing yourself that the odds are better now than before
3. Fact-checking, to be sure that if you don’t win, you have enough chips to play the next round.
In real life, it is part 3 that is important – the fact-checking part – do you have enough chips left – money, time, energy, relationships – to play the next round? Read: To Focus Or To Pivot, That’s The Question
Doubling down is easier said than done. In startups, that is.